David L. Prychitko
I've just finished rereading vols. I and III of Hayek's Law, Legislation & Liberty (I don't have vol. II). Two simple observations:
1. For my friends who say it's getting better in the long run, that might be true in terms of the trajectory of economic growth, but it cannot possibly be true of the politicization of society. Hayek wrote these books in the 1970's, and we are much worse off today. How that bodes for further economic growth we must wait and see.
2. It's clear that it's all about spontaneous order. That is, one can dismiss Hayek's concerns only if they (a) deny that society is a spontaneous order or (b) argue that the spontaneous order can be replaced by a fundamentally different arrangement (consider Marx). But everybody today calls for the "mixed economy," the so-called third system that draws the best institutional features of capitalism and socialism. They are the ones, then, stuck with the theoretical burden of demonstrating that we do not live within a fundamentally self-organizing system and that legislation geared toward particular ends doesn't unleash systemic unintended consequences and a destruction of freedom.
LL&L is probably more relevant today than in the age of capitalism vs. socialism. It can be read (or reread) with great profit.